We’re excited to announce that cNGN (Compliant Nigerian Naira), the private-sector stablecoin poised to transform Nigeria’s digital economy, is now available on Busha! Developed by a coalition of Nigerian fintech innovators, cNGN is a 1:1 Naira-pegged stablecoin designed to enable faster transactions, seamless cross-border payments, and enhanced financial participation—ushering in a new era of efficiency and accessibility.
As Nigeria continues to lead Africa’s fintech revolution, cNGN bridges the gap between traditional finance and blockchain innovation. Whether you’re sending remittances, managing daily expenses, or exploring decentralized finance (DeFi), cNGN offers the stability of the Naira with the agility of crypto.
What is cNGN?
cNGN is a privately issued stablecoin pegged 1:1 to the Nigerian Naira (NGN). Unlike the eNaira (the Central Bank of Nigeria’s CBDC), cNGN is a collaborative effort by Nigerian fintech firms to create a compliant, blockchain-based payment solution. Key features include:
Speed & Cost-Efficiency: Facilitate instant transactions at lower fees compared to traditional systems.Cross-Border Capabilities: Simplify international transfers without currency conversion hassles.Financial Empowerment: Enhance participation for already banked Nigerians through decentralized tools.Regulatory Collaboration: Built with a focus on transparency, consumer protection, and alignment with Nigeria’s financial stability goals.
While cNGN aims to reduce cryptocurrency volatility by anchoring its value to the Naira, it operates independently of the Central Bank of Nigeria. Its long-term success hinges on widespread adoption and ongoing cooperation with regulators to ensure compliance and trust.
How to Deposit cNGN on BushaJoin the future of Nigerian finance in three easy steps:
Open the Busha App: Log in or sign up for a free account.Search for cNGN: Find the token instantly via the search bar.Deposit: Fund your account using Naira or crypto, then buy cNGN to start transacting.
DisclaimerStablecoins like cNGN carry risks, including reliance on issuer stability and regulatory changes. While cNGN is designed for minimal volatility, always research market conditions, adhere to local laws, and never invest more than you can afford to lose.
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